On January 1, 2012, Ganson Limited, a Calendar-Year Company, Issued

On January 1, 2012, Ganson Limited, a calendar-year company, issued $160,000 of notes payable, of which $40,000 is due on January 1 for each of the next four years. The proper statement of financial position presentation on December 31, 2012, is

A) Current Liabilities, $160,000.
B) Non-current Liabilities, $160,000.
C) Current Liabilities, $40,000; Non-current Liabilities, $120,000.
D) Current Liabilities, $120,000; Non-current Liabilities, $40,000.